According to Santiment, the number of giant XRP whale wallets—those holding more than 100 million XRP, or the astonishing $74 million—has increased to an all-time high of 199. The number of these wallets has increased significantly since May 13, according to statistics, indicating a noticeable increase in investor interest and making XRP a top trending topic in July.
Santiment’s graphic shows that the rise of massive XRP wallets perfectly coincided with a historic development on July 13: the court’s ultimate clarification of the token’s nonsecurity character. There were 196 whale wallets storing bitcoin at that point.
This figure increased over the next few days, with only sporadic, negligible declines. Despite the price of XRP having a 23% fall during these 11 days, the number of mega whales has currently hit its peak, at 199.
Pros and cons
This significant growth in the number of XRP owners may offer the token’s price solid support. Despite the recent double-digit pullback, XRP is still moving in the direction of the positive trend that the pump started.
A vote of confidence in XRP’s future prospects might be inferred from the entrance of substantial investors and the consolidation of their holdings, which shows that many people are optimistic about the token’s potential for further growth.
However, the stability of the cryptocurrency’s price is also seriously threatened by this flood of super whales. These significant investors may feel pressured to liquidate their shares if the price of XRP fails to continue rising or, worse still, begins to fall. This might result in the market collapsing.
In the next days, close observation of this precarious equilibrium between bullish emotion and probable selling pressure is required.
